South Dakota Business Loans

Get access to revolving funds when you need it most

Serine Alejandro

October 25, 2021

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Companies in South Dakota

Business Loans for Companies in South Dakota

South Dakota, a state most known for its famous Mount Rushmore has a diverse economy that caters to more than just tourism. Like most Midwestern states, South Dakota relies heavily on agriculture, manufacturing and mining to drive its economy. The state is home to a few large corporations, but small and middle-sized businesses are the true backbone of its local economy.

Agriculture and Manufacturing Loans in South Dakota

One of the largest and most important industries in the South Dakota is agriculture, most notably crops and livestock. Agriculture provides over $20 billion to the state’s economy per year, with a majority of these farms being small businesses and family owned and operated. While agriculture is crucial to South Dakota’s economy, the manufacturing industry also plays an important role. Electronics and food processing are key to the states manufacturing industry, business loans in South Dakota help businesses cover these inventory and overhead expenses.

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Mining Loans in South Dakota

Mining Loans in South Dakota

South Dakota is a mineral-rich state that has copiousness amounts of copper and silver throughout the region. The states mining industry has powered on after the one of the largest gold mines in nation, located in the Black Hills was shut down in the early 2000’s. Business owners are reliant on equipment financing in South Dakota to purchase new equipment and machinery in the mining industry

Tourism and Hospitality Loans in South Dakota

The tourism and hospitality industries are vital to the economy in South Dakota. With beautiful landscape and attractions like Mount Rushmore and the Black Hill caves, visitors from around the world flock to South Dakota every year. Visitor numbers continue to grow, and the tourism industry provides close to $4 billion dollars of revenue and over 40,000 jobs to the state’s economy. Businesses use small business loans and hotel loans in South Dakota to supplement the seasonality of the tourism industry. The casino industry is also a major source of revenue for the South Dakota, with large casinos scattered across the state. SMB Compass provides small business loans in South Dakota to a wide variety of industries and businesses.

SMB Compass has loan programs in South Dakota from $25,000 up to $100 million dollars. SMB compass specializes throughout South Dakota in equipment financing, SBA loans, asset-based lending, bridge loans, invoice factoring, and business lines of credit. Schedule a call with a Lending Advisor today to learn more about the business loan options in South Dakota.

Small Business Loans in South Dakota

Small Business Loans

Here are the many ways to use a small business loan in South Dakota

Acquire a business

Refinance existing loans and credit card debt

Purchase or refinance commercial real estate

Buy or lease machinery and equipment

Purchase inventory and raw materials

Improve Cashflow

Marketing and advertising campaigns

Upgrade technology and business software

Renovate existing office space

Day to day operating expenses

Learn About Your Financing Options

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